Artificial intelligence (AI) in Construction Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2673
AI in Construction Market size is driven by the rising safety and efficiency concerns. The construction companies are using the AI technology to extract precise information and insights to enhance the safety and productivity. It leverages on the image recognition algorithms to identify search criteria, such as safety vests and hard hats, to identify construction workers, who are not wearing proper safety equipment.
The increasing digital data is also propelling artificial intelligence in construction market growth. Over the past five years, a rapid surge in the growth of the digital data has been witnessed due to the growing adoption of Building Information Systems (BIM), security sensors, drones, and machine telematics. This is encouraging construction companies to adopt advanced analytics solutions to take the full advantage of the huge amount of digital data and extract actionable insights.
The adoption of the drones, robots, and autonomous vehicles in the construction sector is also backing the growth of the AI in construction market. The companies are adopting these technologies for mapping, aerial imaging, surveying construction sites, and to automate the construction operations. This is developing myriad opportunities for the growth of the AI technology in the construction sector. However, the unstructured construction environment and lack of skilled workforce are the major factors that are hindering the market growth.
The construction companies are utilizing the capabilities of the AI for designing, estimation, safety, management, and quality measurement. The design applications create complex designs efficiently and feed various design goals & criteria. The design applications employ machine learning algorithms to provide designers with anticipatory design models based on customers preferences and the past user history. The estimation applications are used for developing projections associated with cost, labor, and raw materials. The AI applications combine generative design models with costs associated with similar projects to provide preliminary schedule and cost estimates.
The North American artificial intelligence (AI) in construction market will have the largest market share due to high investments by construction companies. The shortage of skilled workforce has driven the major construction companies to invest in robotics-based solutions. The construction companies are developing solutions that can detect risks and perform repetitive labor-intensive tasks that can enable inexperienced operators to fulfill complex tasks.
The Middle-Eastern AI-based construction industry will exhibit an increased growth due to the increased government spending on infrastructure, commercial, residential, and energy projects. This increased government spending on infrastructure is attributed to the growing tourism industry across the region. The Asia Pacific artificial intelligence in construction market will grow significantly due to the widespread adoption of AI-based platforms by construction companies in developing economies including China, Japan, and Singapore. The high capital investment is one of the major challenges that restrains the market.
The prominent vendors in AI in construction market are Oracle, Microsoft, IBM, eSUB, Alice Technologies, SAP, Autodesk, Aurora Computer Services, Smartvid.io, and Building System Planning. For instance, Volvo Construction Equipment launched Compact Assist, tool that is used to identify and decipher objects using various computer vision methodologies. The prominent companies operating in the market are focusing on partnerships, fundraising, and new product development to increase the customer base and gain an edge over customers.
Similarly, Doxel, a tech startup has developed a system to streamline construction processes based on artificial intelligence, robotics, and LIDAR laser scanning technologies. eSUB, a renowned cloud-based labor productivity and project management solution provider raised a fund of USD 3 million from Autodesk to accelerate product development for higher integration with BIM 360 construction platform. Komatsu, a Japanese construction company has partnered with NVIDIA to use NVIDIA GPUs to visualize and analyze the entire construction sites.
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